$52.3M in construction financing arranged for Egret Point Logistics Center in Boynton Beach, Florida

MIAMI, June 13, 2024 – JLL Capital Markets announced today that it arranged $52.3 million in senior construction financing for Egret Point Logistics Center in Boynton Beach, Florida.

JLL worked on behalf of the borrower, a joint venture between Foundry Commercial and Wheelock Street Capital, to secure the financing from First Citizens Bank.

Egret Point Logistics Center is located at 3800 S Congress Ave. and will consist of a Class A, two-building, variable-depth multi-tenant industrial development totaling 457,110 square feet. The project site totals 30.78 acres and features direct frontage along I-95, one of the major regional transit arteries for South Florida and the Southeast region.

The project is located in a highly convenient location within southern Palm Beach County, allowing the property to attract tenants and service consumers from both Broward County and Miami-Dade County to the south. This location, coupled with Boynton Beach commanding rents at a discount to other South Florida markets, creates a highly competitive position for this project.

A former Baptist Health System clinic, the site is the latest example of the ongoing redevelopment of obsolete assets into premier industrial warehousing, leveraging the site’s unique frontage and expansive acreage to create a premier industrial development opportunity.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Steven Klein and Melissa Rose and Associate Mateo Bolivar.

“The sponsors’ forward-thinking decision to redevelop an obsolete medical office building into a Class A logistics property illustrates the ongoing demand for infill industrial sites in South Florida, particularly for multitenant space,” said Rose.

Klein added, “It’s a privilege to work on behalf of our best-in-class sponsors to secure financing for this project. We are thankful to our lender team for their successful closing on an efficiently priced non-recourse construction loan amidst current volatility in the debt markets.”

“We were pleased to work with Foundry Commercial, Wheelock Street Capital and JLL to arrange financing for this new logistics center in a prime location and a growing market,” said Juan Vives, a managing director with First Citizens Bank Commercial Real Estate.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Foundry Commercial is a full-service commercial real estate services and investment company operating across the office, industrial, retail, multi-family, healthcare, religious, and not-for- profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by 2,000 associates operating from 13 markets, providing leasing and management on more than 68 million square feet and over 3,000 seniors housing units, executing over $1.6 billion in leasing, tenant rep, and investment sale transactions annually. Foundry’s development and investment platform is fully integrated with its services business and is currently invested in over $4.3 billion in joint ventures with many of the best-known institutional investors in the country and currently has over $1.5 billion in active ground-up developments across all our markets. For more information, visit foundrycommercial.com.  

Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes and a desire to get back to hands-on investing. Wheelock has assembled a premier investment and asset management team and produced a 15+ year track record of demonstrated and consistent outperformance over industry benchmarks. Since inception, Wheelock has raised eight funds, representing over $5 billion in capital commitments and deployed over $11 billion in total value on behalf of well-known institutional investors. This includes $1.2 billion and $1 billion of capital that the Firm is currently deploying in its opportunistic/value-add vehicle and open-end long-term value vehicle, respectively.